The latest WSJ report indicates that major banking giants on Wall Street, such as Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup, are evaluating a joint collaboration for a stablecoin project. As the GENIUS Act moves toward a vote in the U.S. Senate, commercial banks are already preparing for the next big opportunity in the stablecoin market. These developments have raised concerns, especially regarding Circle's USDC, whose parity with the dollar has slightly wavered, falling to $0.9987 today.

Veterans of cryptocurrency like Arthur Hayes believe that large banks could threaten the existence of USDC with the stablecoin project. Interestingly, this development occurs just as Circle is reportedly in talks with Ripple and Coinbase for a potential sale.

Market analysts believe that the big players are focusing on Circle's user base, on-chain application integrations, and the broad liquidity of this acquisition. The real value of USDC lies in its on-chain presence in the decentralized finance (DeFi) sector.